Section 238 of the IBC becomes relevant when the assets are of the debtor and not of a third party.

Municipal Corporation of greater Mumbai (MCGM) vs. Abhilash Lal & Ors.

Case name - Municipal Corporation of greater Mumbai (MCGM) vs. Abhilash Lal & Ors. Case number - Civil Appeal No. 6350 of 2019 Forum - Supreme Court of India Bench - Justice S. Ravindra Bhat, Justice Arun Mishra, Justice Vineet Saran Decided…

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Delivery of the amount for transmission to the bank created ex facie a relationship of a fiduciary character: New Bank of India v/s Pearey Lal (1962).

CaseNew Bank of India Ltd. v Pearey Lal, AIR 1962 SC 1003
CourtBefore the Supreme Court of India
Case NoCivil Appeal No 398 of 1960
BenchChief Justice Bhuvaneshwar Prasad Sinha, Justice JL Kapur, justice M Hidayatullah, Justice JC Shah and Justice JR Mudholkar
Author of the judgementJustice JC Shah
Decided OnDecember 20, 1961
Advocates for the appellantVeda Vyasa, Senior Advocate ( SK Kapur and BP Maheshwari, Advocates, with him)
Advocate for the respondentKL Gosain, Senior Advocaate (KL Mehta, Advocate, with him)
Author of the briefAditya Gor
KeywordsBanking, Trustee, Fiduciary Relations, Debtor-Creditor Relations.

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